Dogecoin, the leading meme cryptocurrency, has entered a new bull phase, according to crypto analyst Javon Marks. Marks provided a bullish forecast, emphasizing the potential for Dogecoin to surpass the $20 mark in this cycle.
In a recent X post, Marks expressed confidence that Dogecoin could rally above $20, fueled by the current bullish trend. He highlighted DOGE's pattern of strong upward movements in past cycles. Historical data reveals that DOGE achieved increases of 90x and 306x in the 2017 and 2021 bull cycles, respectively. Marks also pointed out that Dogecoin is at a critical juncture, poised to possibly achieve significant gains as it forms a potential "God candle" leading to the $20 target.
Other experts in the crypto sphere, including Dima James, concur with the bullish outlook. They expect Dogecoin to reach double-digit values, citing historical price trends. Meanwhile, analyst Ali Martinez has speculated that DOGE could hit $23 if it touches the 2.272 Fibonacci level during this cycle.
In the short term, the focus remains on Dogecoin reaching its previous all-time high (ATH) of $0.73 before it can pursue new records. Master Kenobi, another crypto analyst, suggested that DOGE is on track for a rally to its ATH as it seeks a breakout from a symmetrical triangle pattern.
The inauguration of Donald Trump on January 20 was mentioned as a potential catalyst that could stimulate this breakout.
Crypto analyst Kevin Capital added, in his X post, that Dogecoin is expected to rise if it stays above $0.26 while trading within a bullish falling channel. He indicated that this setup could ultimately drive the price to a target of $1.30, should a breakout occur.
Despite a recent decline in tandem with the broader crypto market, there remains potential for Dogecoin to continue its upward trajectory. Trader Tardigrade shared insights in an X post, where he indicated that a bullish reversal might occur earlier than anticipated. His analysis showed a breakout from a double-bottom pattern on the 4-hour chart, forecasting an initial rebound to $0.36 and a possible climb to the psychological level of $0.40.
As of this writing, Dogecoin is trading at approximately $0.34, reflecting a nearly 5% gain in the past 24 hours.
